Private aviation booking and membership platform Jet Token and Oxbridge Acquisition today announced that the SPAC filed its registration statement and draft proxy on their proposed merger. The deal has an enterprise value of $45 million.
Jet Token is a private aviation booking and membership platform that supports fractional aircraft ownership.
Announced in February, the deal includes additional earnout warrants with a Black Scholes valuation of $60 million. The earnout warrants have a strike price of $15 and a term of 10 years. On that basis, Jet Token shareholders are expected to receive total mixed consideration of $105 million, or 72 cents per share.
Maxim Group is serving as sole financial advisor to Oxbridge. Fox Rothschild is legal counsel for Jet and Dykema Gossett is serving as legal counsel for Oxbridge. Read more.
